In order to study the influence of dicyandiamide added into the insulation paper on the oil-paper insulation during the aging process.The insulation paper containing dicyandiamide and the insulation paper without any stabilizer are prepared. They are immersed in transformer oil separately and placed in the aging chamber with predefined temperature of 130℃ for 31 days to perform thermal aging experiment of oil-paper insulation. The specimens are periodically sampled and some parameters are measured like the degree of polymerization(DP), the breakdown voltage, the nitrogen content, the acidity of insulation oil, and UV-Vis spectrum. The results show that the insulation paper added with dicyandiamide has a distinct anti-aging and anti-breakdown effect and the DP is 58% higher than that of blank sample at the later stage of aging. In the aging process, decline of the nitrogen content of insulation paper is not serious. The oil-paper sample containing dicyandiamide has a far lower value of acidity than that of blank sample, besides the oil color is deeper. Dicyandiamide in the insulation paper improves not only the anti-aging and anti-breakdown properties, but also the performance of oil in the aging process.